Bitcoin treasury company Strategy, formerly MicroStrategy, acquired an additional 130 BTC for approximately $11.7 million between November 17 and November 30, as revealed in an 8-K filing with the Securities and Exchange Commission. The purchases were made at an average price of $89,960 per bitcoin, using proceeds from at-the-market sales of its Class A common stock (MSTR).
With this latest acquisition, Strategy's total Bitcoin holdings have reached 650,000 BTC, valued at around $56 billion at current prices. The company's cumulative investment now stands at about $48.4 billion, with an average cost of $74,436 per BTC, representing over 3% of Bitcoin's total 21 million supply. Despite recent market declines, this implies paper gains of approximately $7.6 billion.
Concurrently, Strategy announced the establishment of a $1.44 billion U.S. dollar reserve to support dividend payments on its preferred stocks and interest on existing debt. Michael Saylor, Strategy's co-founder and executive chairman, emphasized the company's long-term commitment, stating, "Our conviction in Bitcoin is unwavering, and our mission remains unchanged: to build the world's first digital monetary institution on a foundation of sound money and financial innovation."
The acquisitions occurred during a market slump, with Bitcoin trading in the mid-$80,000 range after a sharp decline from recent highs. Analysts at TD Cowen maintained a $535 price target for MSTR, expecting outperformance if Bitcoin recovers, while JPMorgan analysts warned of potential outflows if Strategy is excluded from MSCI indices, with a decision scheduled for January 15, 2026.
Strategy's actions highlight the growing trend of corporate Bitcoin adoption, with 195 public companies now holding Bitcoin in their treasuries, including major holders like MARA, Tether-backed Twenty One, and Metaplanet.
